Amendment status not verified — confirm the current text below against the official source.
. (l) Where a taxablep;san,liableto pay tax under this Act, transfers his bQSiness in whole or in part, by·sale, gift, lease, leave and license, hire .or in any other manner whatsoever, the taxable person and the ?n to whom the business is so transferred shall.jointlyand severally, beliablewhollyortotheextentofsuchtransfer,topaythe tax, interest or any penaltydue from the taxable person up to the time of such transfer, whether such tax, interest or penaltyhas been determined before such transfer,but has remained unpaidor is determined thereafter. (2) Where the transferee of a business referred to in sub- section (l) carries on such business either in his own name or. in some other name, he shall be liable to pay tax on the supplyof goodsor services or both effected by him with etfect &om the date of such transfer and shall. if he is a registaedpersou under this ?,apply Within the presaibedtime for amendmalt ofms certificate of registration. Liabilityin case of transfer of busineSS.